- Remaining Time 17 Minutes 10 Seconds Question Completion Status Grapes 2020 And Additional Informa The Following Compa 1 (33.88 KiB) Viewed 60 times
Remaining Time: 17 minutes, 10 seconds
Question Completion Status Grapes 2020 and additional informa The following comparative balance sheets 2019 & Dec. 31. Dec. 31. Assets 2020 2019 $152,000 $44,000 Cash Accounts Receivable 48,000 42.000 28,000 38,000 Inventory and supplies 0 36,000 Investments Machines 114,000 104,000 Accumulated depreciation- Machines (28.000) (20.000) Total Assets $314.000 $244.000 Liabilities & Stockholders Equity Note payable $74,000 $54,000 Bonds payable (long-term) 64,000 86.000 Common Stock 80,000 44,000 Retained Earnings 96.000 60.000 Total Liabilities & Stockholders' Equity $314.000 $244.000 Income
Statement & Additional information: 1. Net income for the current year ending December 31, 2020 is $58,000. 2. Sold investments for cash, cost $36,000 and resulting in $6,000 gain 3. The only changes affecting retained earnings are net income and cash dividends paid 4. All the following transactions are in cash: Purchased new machines; repay bonds pay Required: Prepare the full
statement of cash flows using indirect method for the year ended Dece esc 40 D-II F5 # 3 1 7 2 T FA 4